A basic, or guaranteed minimum, income is far from a new idea. In the context of the contemporary American political landscape, a guaranteed income is likely to be disparaged as “socialism” and a massive expansion of the welfare state.

Over the three and a half decades between 1972 and 2007, average spending as a percentage of disposable income increased from roughly 85 percent to more than 93 percent.3 For most of that period, consumer spending was not only by far the largest component of American GDP—it was also the fastest growing. In other words, even as income became ever mo

A few examples include: Greed is good. Maximizing pleasure from consumption is the goal. A billion acts of selfishness will lead to a prosperous society. The social duty of business is just to maximize its profits. There’s no such thing as society, only individuals—that was Margaret Thatcher’s famous quote. Markets are efficient; other institutions